Perennial has put the 17th floor of the Somerset Tower on the market
Singapore’s commercial market continues to show signs of life this month as one of the country’s biggest real estate investment companies puts a CBD office space up for sale. Also in the headlines, Li Ka-shing is still clarifying his succession plans and the head of Singapore’s UOL group has called a trading halt in three of the group’s listed subsidiaries, signalling a possible restructuring. Read on for all these stories and more.
Perennial Puts Gucci SG HQ on the Market for S$31M
A plush office space on the top floor of the Somerset Tower at TripleOne Somerset, near Orchard Road, is on the market for about $31.4 million.
The office will be sold with existing tenancy, which The Straits Times understands to be luxury brand Gucci’s local headquarters. The 17th-floor office space generates a yield of 3.5 per cent per year, noted marketing agent CBRE. Read more>>
Li Ka-shing Confirms Son Victor as Successor
Billionaire Li Ka-shing, for decades one of the world’s wealthiest tycoons, has named his elder son Victor Li Tzar-kuoi as his successor in principle, a day after the Cheung Kong group clarified that he had “no concrete timetable” to retire from the global conglomerate.
Li, who turns 89 in July, said his younger son Richard Li Tzar-kai is engaged in different business of his own, which continues growing. Read more>>
Trading Halt Called for Three UOL Group Companies on SGX
Three property companies that are substantially owned by veteran banker Wee Cho Yaw called for a trading halt yesterday, sparking speculation that the tycoon may be about to restructure his real estate holdings.
The halt pending an announcement affects UOL Group, its associate United Industrial Corp (UIC) and investment holding company Haw Par Corp. Read more>>
Home Prices Drop in Beijing’s Second-Hand Housing Market
Beijing’s secondary housing market has cooled for a third straight month, with growing evidence that buyers now have more leverage to negotiate than they did earlier this year, thanks to government efforts to tighten credit and curb pockets of overheating by pinpoint policy adjustment.
The market has cooled sharply since March 17, when Beijing’s municipal authorities tightened rules such that those who had paid off previous mortgages would no longer be classified as first-time buyers. In addition, new caps on mortgage lending meant second home buyers had to put up a minimum payment of 80 per cent. A majority of prospective buyers were priced out due to the higher purchasing threshold. Read more>>
Chinese Companies Building Six Industrial Parks in Ethiopia
Chinese companies are constructing five industrial zones in Ethiopia as the African nation strives to become the continent’s manufacturing hub. The statement made on Tuesday by Fitsum Arega, Commissioner at Ethiopian Investment Commission (EIC), said among the five zones is Ethiopia’s first industrial park, the Eastern Industrial Zone, 37 km south of Addis Ababa.
The park, despite having 66 projects operational on 40 hectares of land, is still under construction on 167 hectares of additional land. Read more>>
Singapore Called 5th-Most Expensive City for Expats
Singapore is the world’s fifth-most expensive city for expatriates in a new ranking that also puts four other Asian centres in the top 10.
Angolan capital Luanda took the top spot, followed by Hong Kong and Tokyo. Seoul was at six and Shanghai at eight. Read more>>
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